COMBATING CORRUPTION IN NIGERIA THROUGH THE APPLICATION OF CORPORATE GOVERNANCE PRINCIPLES

Because of the weak corporate governance framework in Nigeria, This research provides a conceptual and theoretical appraisal of corruption in Nigeria as a threat to sustainable economic development. It elucidate the nature and effect of corruption and determine measures to mitigate and eliminate the trend through Corporate Governance. This study aims to evaluate how corporate governance mechanisms can reduce the opportunities for corrupt practices in government institutions and the economy at large. By utilizing agency theory, we argue that a strong corporate governance institutional framework helps to reduce a country’s level of corruption. We focus attention on three components of corporate governance mechanisms, i.e., shareholder rights, the quality of the board of directors (BoD), and appropriate accounting and auditing standards, including transparency standards. In an attempt to strengthen corporate governance standards and practices in Nigeria, the project will examine the relationship between corporate governance and organizational performance, ascertain whether good corporate governance practices enhances organizational effectiveness, Identify the causal links between corporate governance and audit committee of corporate organizations, determine how good corporate governance practices protect the interest of the shareholders, Determine corporate governance impact on productivity of a country and finally to give recommendations to the stakeholders on strategies that can improve corporate governance practices so as to improve the a country’s performance.